• Business transferred without paying agreed amount

Sir , We have taken dealership paying amount with an agreement that they will pay back 3% return even if no sale every month on the condition we need maintain 75% of stock amount with company all days. 1 year all transaction went well and suddenly they stopped payments and that company transfered on another person name. Known people to us moved to different ciy.

We have agreement letter(100 RS stamp paper) and amounts were transfered Bank to Bank, no cash transactions.

Whats the best way to deal with it... thanks
Asked in Business Law from Hyderabad, Andhra Pradesh
Issue legal notice for breach of contract. Contact a local lawyer. It is necessary to go through the clauses in agreement to advise further.
Ajay Sethi
Advocate, Mumbai
28541 Answers
1548 Consultations

5.0 on 5.0

Agree with Mr. Sethi.
Nadeem Qureshi
Advocate, New Delhi
3997 Answers
159 Consultations

4.9 on 5.0

Your relation is through the agreement. Please check if it is in personal capacity or on behalf of the company. If it is in personal capacity then you will have to locate the person and if on behalf of company, even if the business is transferred the new company will have to bear the liability if any. Go through the agreement minutely, find if you have clear cause of action. If you feel fraud is there you can go for criminal case and file the FIR with police.

Anil Gupta
Delhi
09873503447
Anil Gupta
Advocate, New Delhi
180 Answers
41 Consultations

4.3 on 5.0

Seek enforcement of the terms of your contract and compensation for breach of the contract.
Sai Kiran R
Advocate, Bangalore
86 Answers
6 Consultations

4.7 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a Lawyer

Business Lawyers

T Kalaiselvan
Advocate, Vellore
18736 Answers
176 Consultations

5.0 on 5.0

Ajay Sethi
Advocate, Mumbai
28541 Answers
1548 Consultations

5.0 on 5.0

Krishna Kishore Ganguly
Advocate, Kolkata
13933 Answers
309 Consultations

5.0 on 5.0

Ashish Davessar
Advocate, Jaipur
19896 Answers
520 Consultations

5.0 on 5.0

Devajyoti Barman
Advocate, Kolkata
7300 Answers
83 Consultations

4.9 on 5.0

Nadeem Qureshi
Advocate, New Delhi
3997 Answers
159 Consultations

4.9 on 5.0

Shivendra Pratap Singh
Advocate, Lucknow
3303 Answers
51 Consultations

4.9 on 5.0

Rajgopalan Sripathi
Advocate, Hyderabad
996 Answers
73 Consultations

5.0 on 5.0

Shashidhar S. Sastry
Advocate, Bangalore
1338 Answers
75 Consultations

5.0 on 5.0

Anilesh Tewari
Advocate, Lucknow
86 Answers
1 Consultations

5.0 on 5.0